Arctic Innovation Competition Offers Cash for Great Ideas

Fairbanks, Alaska— The University of Alaska Fairbanks School of Management will award more than $19,000 in cash prizes through its annual Arctic Innovation Competition.

The competition, now in its second year, asks entrants to propose new, feasible and potentially profitable ideas. The deadline to submit an entry is Sept. 30, 2010.

Last year, more than 200 ideas were submitted from around the world. Last year’s $10,000 winner was Chris Hunter, with an idea that extends lead-acid battery life tenfold. Runners up were Bruce Kraft, exploring efficient refrigeration; Frank Eagle, offering a mobile restaurant-seating concept; and 12-year-old Jared Post, with an electrical cord safety-locking cap concept.

"The Arctic Innovation Competition aims to stimulate people’s creativity and develop new business," said competition founder and UAF professor Ping Lan said. “Many people have an idea when frustrated by a problem and think there must be a better way. This competition is the perfect opportunity to turn ideas into reality.”

AIC sponsors include UAF departments, the Fairbanks North Star Borough, and local businesses such as Doyon Limited and Northrim Bank.

The competition is open to the public and there is no entry fee. Individuals or groups with an innovative idea for solving real-life problems and challenges are encouraged to enter. After the initial screening process, finalists will present their ideas to judges Oct. 29 from 5-7 p.m. in the UAF Wood Center ballroom with a reception to follow. Twenty winners will be selected to receive cash prizes ranging from $100 to $10,000. The public is invited to attend. More information is available online at www.arcticinno.com.